Asset Manager

Pennrose; Philadelphia (Philadelphia County); Hybrid; USD 95,000 - 140,000; Full time

Job summary

Pennrose Management Company is seeking an Asset Manager in Philadelphia to oversee the financial, operational, and compliance performance of an assigned affordable multifamily portfolio. You will develop property-level business plans, analyze budgets and forecasts, identify risks, and coordinate with cross-functional teams to drive value and ensure regulatory alignment across LIHTC and HUD programs.

The role requires regular travel to properties and meetings; a bachelor’s degree and 5–7 years of

Qualifications

• Bachelor’s degree preferred in finance, real estate, or related field
• 5–7 years of multifamily real estate or asset management experience
• Experience with HUD, LIHTC, or affordable housing programs preferred
• Proven ability to analyze property financial statements, budgets, and operating metrics
• Experience collaborating with lenders, investors, and public agencies

Responsibilities

• Own the financial, operational, physical, and compliance performance of an assigned portfolio
• Develop and execute property business plans with clear targets and risks
• Analyze budgets, forecasts, cash flow, occupancy, and NOI; lead ownership reviews
• Monitor operational, legal, compliance, and reputational risks; escalate as needed
• Coordinate cross-functional efforts with Property Management, Finance, Compliance, and Legal

Skills

Analytical thinking

Communication

Cross-functional collaboration

Education

Bachelor’s degree in finance

Tools

Yardi

Power BI

Excel

Job description

Overview

At Pennrose, the Asset Manager is responsible for the financial, operational, physical, compliance, and strategic performance of an assigned portfolio of affordable multifamily properties. Acting as Pennrose’s ownership representative, the Asset Manager develops and executes property-level business strategies, evaluates results against established objectives, identifies emerging risks and opportunities, and drives corrective action to protect and enhance the long‑term value of each asset.

The position reports to the Vice President of Asset Management and works closely with Property Management, Accounting, Compliance, Facilities, Development, Legal, Capital Markets, and other Pennrose departments, as well as investors, lenders, syndicators, housing agencies, public partners, legal counsel, and third‑party management companies. The position may be based in Pennrose’s Philadelphia office or performed remotely from an approved location. Regardless of work location, the Asset Manager must be available for regular travel to assigned properties, third‑party management company offices, and Pennrose offices, as business needs require.

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Responsibilities

Portfolio Strategy and Performance

• Own the financial, operational, physical, and compliance performance of an assigned portfolio.
• Develop and execute property business plans with clear priorities, performance targets, risks, and corrective actions.
• Identify emerging issues early, recommend solutions, and drive decisions and commitments through completion.

Financial Oversight

• Analyze budgets, forecasts, financial statements, cash flow, occupancy, collections, expenses, net operating income, debt service coverage, and reserve activity.
• Lead ownership review of annual budgets and forecasts, challenge assumptions, explain material variances, and anticipate liquidity or covenant concerns.
• Provide concise, decision‑ready reporting and recommendations to senior leadership and ownership.

Operations, Risk, and Compliance

• Evaluate property operations and work with responsible teams to improve leasing, occupancy, collections, expenses, staffing, service delivery, and resident outcomes.
• Monitor significant operational, legal, compliance, life‑safety, and reputational risks; ensure timely escalation and resolution.
• Maintain working knowledge of applicable loan, partnership, affordability, subsidy, tax credit, and agency requirements.

Physical Asset and Capital Planning

• Assess property condition through site visits, inspections, maintenance trends, and capital planning reviews.
• Prioritize repairs and capital investments based on urgency, resident impact, regulatory requirements, available funding, and long‑term asset preservation.
• Track significant capital projects and remediation plans through completion.

Cross‑Functional Leadership and Stakeholder Management

• Serve as Pennrose’s ownership representative and coordinate effectively with Property Management, Finance, Accounting, Development, Capital Planning, Compliance, Legal, and external partners.
• Lead property and portfolio reviews focused on results, risks, decisions, accountability, and next actions.
• Communicate complex issues clearly to leadership, ownership, lenders, investors, public agencies, partners, and other stakeholders.

Qualifications

Required Education and Experience

• Bachelor’s degree in finance, accounting, real estate, business, or a related field preferred; equivalent relevant experience will be considered.
• Five to seven years of progressively responsible experience in multifamily real estate, asset management, property operations, development, finance, or financial analysis.
• Affordable housing experience strongly preferred, including practical knowledge of the Low‑Income Housing Tax Credit program.
• Experience with HUD‑assisted housing, Rental Assistance Demonstration programs, public housing, project‑based rental assistance, or other affordable housing programs is preferred.
• Demonstrated experience analyzing property financial statements, budgets, forecasts, operating metrics, corrective action plans, and capital needs.
• Experience working with lenders, investors, public agencies, ownership partners, property management teams, or similar external stakeholders preferred.

Knowledge, Skills, and Abilities

• Strong quantitative and qualitative analytical skills, with the ability to distinguish symptoms from root causes and convert findings into practical recommendations.
• Sound business judgment and the confidence to make recommendations, challenge assumptions, establish priorities, and escalation material concerns.
• Ability to manage multiple properties, deadlines, and workstreams while maintaining attention to detail and consistent follow‑through.
• Excellent written and verbal communication skills, including the ability to present complex information clearly to senior management and ownership.
• Strong relationship‑management, negotiation, and problem‑solving skills.
• Advanced proficiency in Microsoft Excel.
• Experience with Yardi or a comparable property management and general‑ledger system preferred.
• Experience with Power BI or comparable business‑intelligence and data-visualization tools preferred.
• Intellectual curiosity and a demonstrated commitment to learning the financial, regulatory, operational, and physical

Additional Requirements

• Regular travel to assigned properties, management company offices, and stakeholder meetings.
• Valid driver’s license required.
• Ability to work from the Philadelphia office in accordance with company expectations.